Dear Quentin, Over the last couple years I dug myself out of the paycheck-to-paycheck cycle, and I am making good money. I never learned about stocks, investing, etc. I do not have a 401 at work. My lawyer uncle advised me to open a self managed Vanguard account with four different levels of stocks. I use and pay my credit cards off every month, and my vehicle is paid off.
You don’t say what age you are or how many years you have left on your mortgage, how much equity you have or your interest rate, but let’s assume you are in your 30s, and you are locked in at a low interest rate and/or you refinanced when interest rates were low. It doesn’t make as much sense to overpay your mortgage when you can use your cash to make more money.
Assuming you are not close to hitting your peak earning power, consider a Roth IRA or a traditional IRA, or variable annuities. You contribute after-tax dollars to a Roth IRA, and typically withdraw the money tax- and penalty-free after the age of 59 ½. Traditional IRA contributions are made with pretax dollars, and taxed upon withdrawal.
Do some research about individual IRAs.
Why are people so afraid of just setting the money aside and letting it sit? Little by little, over time it accrues. That litttle bit of interest everyone is chasing causes more headaches than it's worth, as in this guys 401k-there is no fast and easy way to make money, legally.
I have a 401K at work, but I decided about a year ago to stop contributing and put the money in savings. I have not lost what's in the bank. My 401K lost about 20% of it's value.
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Boycott Tesla
You are screwed....might as well play the Lotto. Good luck you mofo.
Spend it on wine women and song
Use your bonus and trade 😇
Depends on the mortgage interest rate is. You can earn 4.3% on a two year treasury.
Pay off all personal debt - first.